8300 then 7020 (and 6500$) part II

Morning guys,

This is update on previous setup, so it should be considered in relation to the one.

In fact, everything goes well, as BTC shows upside retracement, as we've suggested. Price reacts on Oversold condition, our AB=CD intraday target and take a look - strong K-support level (it consists of two different Fib levels)

Still, our long-term view suggests appearing of extended bearish pattern here, that should trigger meaningful retracement on weekly chart. And we're watching - whether this action could become a part of it.

Now, it is possible appearing of H&S pattern. Actually we've talked about it last time as well. But last time we've taken a look at 4H chart, now it is more representative to watch over daily time frame...

Thus, now we suggest appearing of right arm of this pattern, with upside retracement somewhere to 8250-8300 level. Then action to the target should start. AB=CD down creates an Agreement with next 6500$ Fib support,
and this could become particular the retracement on weekly, that we are watching for.

Also we have intermediate XOP target on 4H chart around 7025 area. You can see it on previous update.

Depending on your view - you could follow different setups. Bears could consider short entry around right arm's top, while bulls should wait for deeper support level or... failure of this H&S pattern.